Hi all,
Here is a short term analysis on bitcoin. We are beginning to experience some bearish sentiment. We could easily retest the breakout at $55,800 or even go a bit lower towards $55,000 before continuing upward. With that said, we need to keep an eye put for the lower time frames because the larger time frames are currently bullish so if we get above $58,400 we will likely continue to be bullish but if we fail to get above that level of resistance/support then we will likely go sideways or down over the next couple days. The monthly candle closes tonight so we may see increased volatility in the short term as well. My advice is to enter longs on retests of breakouts and watch for that $58,400 level. We should be giving a try to the upside soon and if we reject 58,400, then 55,800 is likely.
Best of luck trading,
Brad
Here is a short term analysis on bitcoin. We are beginning to experience some bearish sentiment. We could easily retest the breakout at $55,800 or even go a bit lower towards $55,000 before continuing upward. With that said, we need to keep an eye put for the lower time frames because the larger time frames are currently bullish so if we get above $58,400 we will likely continue to be bullish but if we fail to get above that level of resistance/support then we will likely go sideways or down over the next couple days. The monthly candle closes tonight so we may see increased volatility in the short term as well. My advice is to enter longs on retests of breakouts and watch for that $58,400 level. We should be giving a try to the upside soon and if we reject 58,400, then 55,800 is likely.
Best of luck trading,
Brad